The Pound Sterling is already in a currency crisis. The U.K. maybe the first Western country to be hit hard by stagflation and a debt storm.

The new King of England, King Charles III will be the first king since George VI (d1947) to witness the U.K pound sterling now worth substantially less than the U.S. Dollar when, for a period in time up until the 1950's, both currencies were traded evenly together, at least through their denominated bonds.  However, it has not been since the 1980's when the U.K did enter a currency crisis in 1985 at the time when Margaret Thatcher was prime minster and  later in 1992 as the U.K. de-pegged itself from the European Exchange Rate Mechanism; the U.K. economy is under threat again.  

Chart 1 shows the USD/GBP, GBP/USD  rates, with each sterling crisis the U.S. Dollar would be bought and sterling sold off, 2022 has heralded in a new currency crisis for the U.K. on the eve of the death of Queen Elizabeth, the U.K government spent over £376 billion ($459 billion) to offset the Covid-19 pandemic.  With the new prime minister Liz Truss, offering to cap energy bills for English households at £150 billion ($172 billion), England, like the U.S., is caught in a perfect stagflation storm of rising energy costs, inflation and recessionary conditions (looming unemployment).

Also add: a government and pubic debt bubble which is also extremely concerning.